Keywords hospital; Financial analysis; Dupont financial analysis method
Financial analysis came into being at the end of 19 and the beginning of the 20th century. The earliest financial analysis was mainly the credit analysis of banks. Later, it was extended to enterprises and institutions and became an important part of financial management. Hospital financial analysis refers to the analysis, summary and evaluation of the financial situation and financial achievements of the hospital in a certain period based on the financial information and non-financial information of the hospital.
First, the content of hospital financial analysis
(1) Definition of hospital nature. The purpose of financial analysis is to find, analyze and solve problems, so as to achieve the goal of financial management. Therefore, the content of financial analysis depends on the nature of the analysis object. Hospital is a medical institution directly invested by the state or raised by enterprises, institutions and individuals. The state, enterprises, institutions and individuals are the owners of hospitals, and the national health administrative department only manages and guides their business. Whether public hospitals or private hospitals, most of them have implemented enterprise management, that is, they operate independently and are responsible for their own profits and losses. Therefore, in essence, hospitals are also for profit, and there are also financial risks. It is necessary to find the weak links in its operation and management through financial analysis and improve them in order to improve its operation efficiency and effect. The similarity between hospital and enterprise management provides a basis for hospitals to use the theory and method of enterprise financial analysis to organize financial analysis. (2) The content of hospital financial analysis. The contents of hospital financial analysis include: assets, liabilities and owners' equity; Income (medical income, drug income and other income), expenditure (medical expenditure, drug expenditure and other expenditure) and operating results (operating profit) analysis; Analyze the business activities of the hospital, including outpatient volume and bed utilization rate. The first is profitability analysis. Profitability is the eternal theme of economic organizations, because only sustainable profitability can ensure the survival and development of hospitals. The indicators reflecting business profit rate mainly include business income profit rate, return on net assets and growth rate of net assets. Among them, the profit rate of business income is the most direct and the return on net assets is the most comprehensive. The growth rate of net assets is the concentrated expression of profit rate of business income and return on net assets. The second is the analysis of operational capacity. Operational ability refers to the ability and efficiency of hospital to manage assets. The indicators reflecting the efficiency of hospital asset management mainly include the turnover rate of medical receivables, the turnover rate of drugs, the number of hospital beds and the turnover rate of total assets. The turnover rate of medical accounts receivable is the ratio of medical income on credit to the balance of medical accounts receivable, which reflects the speed of hospital medical income and the average collection time. Drug turnover rate is the ratio of drug sales cost to average drug inventory balance, which reflects the speed of drug turnover time in hospitals. The number of hospital bed turnover is the ratio of the average number of hospitalized patients to the average number of hospital bed opening days, which reflects the effective utilization rate of each hospital bed; The turnover rate of total assets is the ratio of medical income to average total assets, which reflects the utilization efficiency of hospital total assets. The third is the analysis of development ability. The development ability of a hospital can be measured by the growth of business scale, asset scale or net profit. The index representing the growth ability of business scale is mainly the growth rate of operating income, which directly reflects the development ability; The growth rate of fixed assets is an index representing the growth ability of assets, because the scale of hospital operation depends on the scale of fixed assets, not the scale of total assets, not the scale of current assets; The growth of net profit comprehensively reflects the growth of asset scale and business scale, indirectly reflects the growth ability of hospitals, and of course includes the connotative growth of hospital scale. Because the growth trend of hospitals can only be found in a relatively long period of time, each growth ability index generally adopts the balance of more than three years. The fourth is solvency analysis. The solvency indicators of hospitals mainly include asset-liability ratio, current ratio and interest guarantee multiple. Asset-liability ratio is the ratio of total liabilities to total assets, which is the main index reflecting the long-term solvency of hospitals. Through this index, we can know the degree of guarantee of hospital assets to liabilities, the rationality of capital structure, the utilization of financial leverage and the level of financial risks. Current ratio is the ratio of current assets to current liabilities, which reflects the degree of guarantee of assets to liabilities in the short term. Interest guarantee multiple is the ratio of profit before interest and tax to interest, which reflects the relationship between hospital capital profit rate and interest rate. This indicator further reflects the hospital's solvency from the perspective of profit.
Second, financial analysis methods
Financial analysis is the combination of overall analysis and special analysis, single analysis and comprehensive analysis. On the basis of single index analysis, the financial situation of the hospital is judged as a whole through comprehensive financial indicators or index system. At the same time, special financial analysis should be carried out on the abnormal phenomenon reflected by financial indicators, that is, the weak link of hospital management. (1) Single financial analysis. Single financial analysis refers to the financial analysis with the help of single financial indicators, such as the aforementioned profitability analysis, operational capacity analysis, development capacity analysis, solvency analysis, etc., which are all single financial analysis and the basis of comprehensive financial analysis. Single financial analysis includes comparative analysis, trend analysis and ratio analysis. Among them, comparative analysis mainly reveals the quantitative differences between financial indicators, reveals the key differences, and points out the direction for further financial analysis; Trend analysis is a method to reveal the nature and degree of changes in hospital financial status and operating results, and to help hospital managers predict the future development trends and laws of hospitals. Ratio analysis can eliminate the influence of scale and enhance the comparability of financial indicators. (2) Comprehensive financial analysis. Dupont financial analysis method is a typical representative of comprehensive financial analysis method. It is a financial analysis method created by DuPont Company in the United States. Its most remarkable feature is to use the internal relationship between financial indicators to combine multiple indicators to comprehensively evaluate the financial situation and operating results of enterprises. For hospitals, we can also learn from DuPont's financial analysis ideas, make comprehensive financial analysis with the help of multiple financial indicators, and find the weak links in financial management with the help of index decomposition method, so as to provide the direction for the next special financial analysis. (3) Special financial analysis. Single analysis is the key analysis of a certain field, and comprehensive financial analysis is the comprehensive evaluation of the overall financial situation. Both are financial analysis at different levels. If only a single analysis is made, it is like a blind man touching an elephant. Thematic analysis is aimed at the weak links in hospital management and belongs to financial analysis to solve problems, so neither single financial analysis nor comprehensive financial analysis can replace special financial analysis. For example, DuPont's financial analysis method can take special analysis measures if it shows that there are problems in the consumption of special materials and the operation of large medical equipment.
Third, improve the efficiency of financial analysis.
At present, there is a big gap between hospital financial analysis and management, enterprise financial analysis and the requirements of hospital development strategy. In the concept of financial analysis, business process analysis is emphasized, and the whole process of financial analysis is not established, and financial analysis is not extended to the medical design process. Therefore, in the financial analysis method, it is mainly "after-the-fact" analysis, without using activity analysis tools to judge value-added activities and non-value-added activities, so it can not provide financial information for the integration of value chain. Therefore, in order to improve the efficiency of financial analysis and provide decision support for hospital strategic management. In business philosophy, patients should be regarded as strategic allies, which means the overall financial analysis of the hospital. Even the entire financial management workers are focused on providing patient value services. This means that financial analysis should be extended to the process of medical design, value chain analysis should be carried out, and invalid operations in the process of diagnosis and treatment should be identified and eliminated by activity analysis, so as to improve the quality of medical services and reduce the consumption expenditure of patients. In addition, as far as hospital strategic management is concerned, non-financial information is more important than financial statement information, because non-financial information contains more predictive information, which requires that hospital financial analysis should pay more attention to non-financial information analysis, so as to help hospital decision makers more accurately predict future development trends and main sources of profits, and improve strategic management ability and strategic decision-making level. A better method to analyze financial indicators and non-financial indicators is generally recognized as "balanced scorecard". Comprehensive evaluation of hospital financial performance from four dimensions of finance, customers, process and learning is helpful to achieve the balance between financial and non-financial, current interests and long-term interests. Non-financial information of hospitals that can be included in the balanced scorecard mainly includes medical market share, patient satisfaction, medical service quality, development opportunities and risks faced by hospitals, development planning of management, industry background information, major competitors information, etc.
The above financial analysis borrowed the enterprise financial analysis method. Therefore, in order to deepen financial analysis and improve the efficiency of financial analysis, hospitals must adopt scientific analysis methods and change the concept of financial analysis. They must also adopt enterprise financial accounting standards or systems, clearly put forward the concept of profit, clearly reflect the financial situation and operating results of enterprises in financial statements, and provide data support for financial analysis.
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